🚨Ω🚨
Here it is folks.

The moment you've been waiting for.

The first time it comes out on the floor of the Congress that we just bailed out a bunch of Chinese tech millionaires with links to the PRC at American citizens' expense...

πŸ’₯πŸ’₯~ 1:33:40πŸ’₯πŸ’₯
It gets even better when @SecYellen says that there will be no bailouts for anyone who holds more than $250,000 in a rural bank in Oklahoma that collapses [due to the Fed raising rates so quickly].

Trust me when I say you're gonna hear a lot about this for the next forever.
Without even commenting on right vs. wrong, I can just tell you this is the 2024 campaign:

Dems: "YOU ROLLED BACK REGULATIONS!"
Repubs: "YOU BAILED OUT COMMUNIST CHINAMEN!"

ad infinitum.

Here are some very wise words from the very wise wizard Chanos πŸ‘‡
Here's the fighter in the other corner:
If we're being very realpolitik about American elections I would suggest that the only way out for Democrats here would be to start rounding up a bunch of #VentureSocialists like the C-suite of $SIVB or bank run inciter @Jason and imprisoning them for a very long time. #notajoke
Here's a cleaner edit of the critical 4 minutes that just totally changed the game of American politics for the next N years.

Have to admit @SenatorLankford did a great job w/the on point and calmly delivered questions.

β€’ β€’ β€’

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More from @Cryptadamist

Mar 17
🧡1/Ω A few things about @crossriverbank, a tiny #a16z funded lender that originated more #PPP loans for "small businesses" than anyone besides Chase, BofA, and Wells Fargo, mostly for people who were not their customers.

Also @coinbase's preferred bank.
techcrunch.com/2022/03/30/cro… ImageImage
🧡2/Ω They paid @McKinsey a bunch of money to tell the world that "while most banks originated PPP loans to their own customers, Cross River leads in originations to new customers"
mckinsey.com/industries/fin…
🧡3/Ω Unlike other banks that blew up on "fund banking" recently (*cough* $SBNY $SIVB *cough*) @crossriverbank does their "fund banking" differently:

They package all the loans and sell them to weird "fintech" companies like @Upstart. @mikulaja Image
Read 37 tweets
Mar 16
🧡1/Ω
Let's talk about Metropolitan Community Bank (@MCBankNY, $MCB) one of the remaining publicly traded "crypto-friendly banks. Because the SEC filings look a lot like a mini-me version of our friend $SBNY.

Cash position down 90% YoY πŸ‘‡
🧡2/Ω
$MCB has $2.2 billion - 42%! - in uninsured, non-interest bearing accounts.

In other words someone is willing to set $132 million a year on πŸ”₯ because of inflation just to hold money in $MCB.

Why?

(note that $SIVB and $SBNY also had large non-interest bearing accounts)
🧡3/Ω
$MCB also of course has large unrecognized losses due to the "duration mismatch" problem that rekt $SI and $SIVB ΒΉ.

ΒΉ though other things rekt $SIVB even more...
Read 10 tweets
Mar 14
1/🧡 $SBNY: truly the people's bank

They backed the most of NYC's worst landlords. And let me tell you it is an achievement to get on the worst landlord watchlist. These are landlords who are collecting rent while racking up hundreds or even thousands of violations. Image
2/🧡
They also were a big player in the NY taxi medallion racket by which enormous numbers of hard working immigrants who thought they had achieved financial freedom by taking out a mortgage to buy a tax medallion were ruined. Image
3/🧡
And now it looks like they may have been cooking the books the whole time.
Read 4 tweets
Mar 14
🚨Ω🚨
@YahooFinance has stopped updating the price of Bitcoin, which it was getting from #Binance owned #CoinMarketCap...

Yahoo: 1 BTC = $24,229
Coindesk: 1BTC = $25,963

(h/t @crypto1nfern0 go follow him) ImageImage
@YahooFinance @crypto1nfern0 πŸ‘†πŸ‘†πŸ‘† ImageImageImage
Here's a video showing Bitcoin is the only halted price on America's version of @YahooFinance.
Read 4 tweets
Mar 13
folks who still believe the noise about $SIVB just being duration mismatch: have you considered this?

get depositor money β†’
lend VC cash β†’
VC funds co. β†’
VC requires co. keep deposits at $SIVB β†’
voila! yr loan is now a deposit in yr bank

...which you can lend out again
look at the $SIVB balance sheet anon. here I'll make it easy for you:
🧡 When $60 billion in Ponzi scheme loans to tech bros & crypto crooks go bad (and we'll know how bad once the auction prices come out) who foots the bill anon?

Every American with a bank account will. Maybe not in taxes, but in bank charges. #VentureSocialism
Read 6 tweets

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